Flat tax a flat-out fraud
Robert Reich, © 2011 Robert Reich
SF Chronicle
Sunday, October 30, 2011
The so-called flat tax is all the rage among Republican presidential hopefuls. Herman Cain was the first. Now, Rick Perry and Newt Gingrich have come up with their own flat-tax proposals.
The flat tax is a fraud. It raises taxes on the poor and lowers them on the rich.
The nonpartisan Tax Policy Center estimates that Cain's flat-tax plan (the only one that's been set out in any detail) would lower the after-tax incomes of poor households (incomes below $30,000) by 16 to 20 percent.
Meanwhile, 95 percent of households with more than $1 million of income would get an average tax cut of $487,300. And capital gains (a major source of income for the very rich) would be tax-free.
(More here.)
SF Chronicle
Sunday, October 30, 2011
The so-called flat tax is all the rage among Republican presidential hopefuls. Herman Cain was the first. Now, Rick Perry and Newt Gingrich have come up with their own flat-tax proposals.
The flat tax is a fraud. It raises taxes on the poor and lowers them on the rich.
The nonpartisan Tax Policy Center estimates that Cain's flat-tax plan (the only one that's been set out in any detail) would lower the after-tax incomes of poor households (incomes below $30,000) by 16 to 20 percent.
Meanwhile, 95 percent of households with more than $1 million of income would get an average tax cut of $487,300. And capital gains (a major source of income for the very rich) would be tax-free.
(More here.)
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1 Comments:
I wish liberals would view taxation as the vehicle we use to fund our government and not as a utopian 'tool' for redistributing private property.
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